Gemini, the company of the Winklevoss twins dedicated to finance in the virtual currency sector, announces in a press release that it has passed the SOC-2 Type 1 examinations, part of the controls required to obtain authorisation to issue a bitcoin ETF.
SOC stands for System and Organization Control and is an internationally highly evaluated internal auditing standard, articulated on six different levels, the second of which is linked to factors such as security, privacy, and the integrity and confidentiality of the processes.
Gemini was able to pass the SOC-2 Type 1 and plans to also pass the Type 2 in early 2019.
To achieve this, the company turned to external consulting from Deloitte & Touche, one of the world’s top four auditing firms.
Referring to this success, Cameron Winklevoss said in a tweet:
“Gemini’s product is TRUST. We have just added another layer of trust by becoming the world’s FIRST crypto EXCHANGE and CUSTODIAN to complete a SOC 2 Review by Deloitte“.
— Cameron Winklevoss (@winklevoss) January 29, 2019
This type of certification of Gemini’s services is very important for the achievement of what is the main operational objective of the Winklevoss twins, namely the issuance of the first bitcoin ETF.
The hope is that the passing of these examinations, which certify the quality of Gemini’s procedures, will help to overcome the bitcoin ETF related perplexities that the SEC has experienced so far and induce it to authorize the issuance of this new financial product.